I have the pleasure to present MapsPeople. Today's topic, the annual report 2024, but also, of course, a look into the guidance of 2025 and the expectations for the coming year. As always, we are joined here by CEO, Morten Brøgger, and CFO, Christian Læsøe. You can ask questions in the box down below. Do it in Danish too. I will try and translate to the best of my ability, but we will do the presentation today in English. I think for now, I will hand the call over to you, Morten. Thank you, Michael. Good to be here again presenting another year that just ended a few months ago, 2024. To be honest, I'm actually really pleased with how our 2024 results ended up. A lot of the things that we've been working on, you can actually now see in the financial numbers. Let me try and start talking a little bit about that story. I think it's really important to look back, and I think not just look back into 2024, but actually look back into both 2023 and 2024, since both those years have been a little bit abnormal transformation years for all of us in MapsPeople. If we recall a little bit in 2023, it was really about how do we right-size our cost and how do we become the size of a company that was justified on where we were in our journey. We also transformed how we reported our growth from contracted ARR and framework agreements into what I would call real ARR based on invoice contracts and all that stuff. There was quite a bit of transformation in that, and I would say some of the low-hanging fruits as well. In 2024, we really took that new foundation of the company, and we worked a lot on fine-tuning all the costs, but we worked a lot about having an efficient organization with efficient structures and that everyone in MapsPeople could get more productive as well. I think what's clear to me is a very important message here is that we actually also improved the quality of our ARR during 2024. Again, I'll repeat that story. I think I said it before, Michael, but like some of these old framework agreements in 2023 that we had a contract, we invoiced them, and we knew that that partner had never started, and there was a lot of doubt whether they would start, and some of them did not start. We also planned that churn in the course of 2024. You will see that the incoming of new contracts and new partners that are now active is actually much larger than what you see on the top of it, right? There is a lot happening below the surface. This is what we see here, and this is also why we try to basically visualize what has the average growth been in this company over the last two years, because we in the management team, me and Christian and the team actually think looking at that as one period and not like step one, step two is probably a better understanding on the real underlying performance of the company, right? That is where you can see that we've had some pretty decent growth rates, right? That average, as I said, is what we're kind of like looking at. These are some of the KPIs that we have been looking at, and I think they are fairly accurate, and we will talk about it later. We actually also use them on how we will guide for 2025. If we speak a little bit about this and if we look at it from that point of view, it was just a little bit too quick here, right? The ARR, as you can see, grew only 12% this year, but over the last two years, it has grown 33%, and we think that's a better representation on the company's performance right around these 30%. Our revenue, you see, grew quite a bit this year, but the average growth rate on the revenue is 46% over the last two years, which is pretty damn good, to be honest, compared to where we were coming from. We also think that's a much better representation of what we've done in each of the years, but also how we look into the future. On this page, we show that this is actually also giving the results all the way down on the EBITDA line. You can see that EBITDA in 2024 benefited from all the stuff that we did both in 2023 and in 2024. We have halved our deficit, and we are on a good trajectory going forward. As I said, I want to just keep this one and basically project that into 2025 with the guidance that we have. You can see that our guidance on ARR is fundamentally following the average what it is. You can see that it is going to be around 33-35%, and we are using the middle of the guidance for these calculations. You'll see revenue is also above 30%, and you can see that we are planning somewhere between 30-50% improvement in our EBITDA again this year. You see that what we've done in the past two years is actually also how we are using those improvements to guide us into 2025. How does that look compared to the markets we're looking in? This is one of the most fresh research that we have that explains a little bit about the markets that we are operating in. This is a Gartner report on how they look at the market. The whole indoor mapping market plays in two categories here. One is the one we call spatial mapping, which contains a lot of different things. Clearly, the indoor mapping and the mapping platform we provide has a role in that ecosystem. You can see that it's growing, projected to grow from now until 2032 with 30.9%. You see the growth rates that we have in that market, we're actually aiming a little bit higher than the market in terms of how we think we can grow in 2025. The last one that we also circled here is the advanced location-based services, which also includes indoor mapping components as well. That market is a massive market growing to $1.3 trillion in 2033 with an average annual growth rate of more than 31%. It's some pretty good markets to be in that is growing to some really crazy big numbers with some high growth rates. You can also see that the guidance we have is a little bit above what the market says. Yeah, but it's not much above the market growth. Is the expectation of this being back-end loaded the reason for maybe your guidance? If you're looking at your ARR growth and looking at over a two-year horizon, which I agree is the best, then it seems not conservative. It's still a high growth, but looking at the market growth, looking at maybe you have had some pent-up by customers by not growing so much this year, is there anything reason? Is there more of this consolidation or, sorry, maybe customers that are still churning because of the quality? Is there something behind your guidance next year that I know it doesn't look conservative if you are a service business, but looking at the market growth rates, is it a little bit about your thinking about that guidance? No, the company is in good shape. There is no more of this stuff that we talked about in it. I think we are in a good position. Our pipelines are better than they have ever been to this one. I think maybe it is a personal learning for me, Michael, being a publicly listed company and working in startups before. We are in the startup world. It is often like reaching for the stars and landing on the moon. I do not think, even though it is a startup exchange, I am not sure that all investors have the same view on this one. If you are asking if you are a little bit conservative in the guidance, I would say the answer is probably yes. Perfect. There is nothing, and the market is also growing. I know it's not growing 30% every year, bong bong, but there's nothing that you think that it will be back-end loaded in this period, the 30% growth. It looks pretty stable, the market drivers out there also. It's pretty stable. It's clear. You can also see that our ARR, we're actually projecting a little bit more growth in the ARR than in the revenue, which clearly indicates that a lot of the ARR growth is coming towards the end of the year, which it always does for our company, right? You will see that growth basically come into play in 2026 on the revenue line. Perfect. Thank you. Yeah. Again, a pretty cool market. It's growing a lot. It's been predicted to grow quite a bit. People, company from an IT point of view, keep investing in this whole indoor experience. That's the wave that we're riding on, and it's just getting a little bit bigger according to Gartner. That's pretty good, right? This one I also want to show, it's a little bit of a new one because we keep getting questions, where's your revenue coming from and all that stuff. The first one on the left, you can fundamentally see that the revenue is growing faster in North America than it is in the rest of the world. That's exactly what we said all the time. We expect it to grow faster in the U.S. There's a lot of big companies. The trend is to a large extent being driven from there. You can see that the rest of the world last year was 69%, and now it's just 60%, which means that our growth in North America is bigger and higher and faster than in the rest of the world. If we look at the type of revenue on the right-hand side, it is also reflecting exactly what we have answered whenever we got this question. It's fundamentally telling us that all the growth in this company is coming from our indoor mapping platform that we call MapsIndoors. That was 63% of all our revenue last year, and it's 70% this year, which fundamentally reflects that all the growth is coming from that product line. We just wanted to bring the numbers here as well. It's exactly as we've said, and it shows in the numbers, and we 100% expect this trend to continue through 2025 and beyond that as well. To me, one of the really important operational KPIs we have is this whole CAC, payback, customer acquisition cost payback period. All the money we invest in getting new revenue into the company, how many months does it take before we have paid back the customer acquisition investment, if you want to say that, all the marketing and sales dollars we spend on getting a new contract in, when have we paid that back? We've always said we wanted to keep that between 12 and 18 months, and we've kept that on 18 months. I think we said in the last part of 2024, we wanted to invest a little bit more in sales and marketing. That basically pulls up the number of months, and you can see it ended on 17th, but you can also see that we started pulling in more business. This one is important to me because it fundamentally says from when we get a new customer in, it takes about less than one and a half years to pay back the cost of acquiring the customer. Our customers in average stay with us for five years or longer, like the lifetime value of the customers are five years or longer. This means when we have paid back our sales and marketing cost of acquiring this new customer, the next at least three and a half years, all the money actually goes into the core of the business, right? It is actually a very healthy KPI. As long as we can keep it within there, it is definitely one of the things that we'll keep investing to deliver this growth and make sure that we in a very profitable way take advantage in this growth market. I think to me, this is actually extremely healthy that we can keep it at that level and that we can keep growing also with the underlying lifetime value of our customer contracts below that one. This was a little bit me putting a little bit of comments on the performance and the numbers and the journey that we've been on. Now I would like to hand over to someone extremely competent in going through the numbers in greater detail. Christian, if you would be so kind to take over. Yes, thank you, Morten. We sent out our annual report for 2024 on Thursday. It came out ahead of schedule, and that's always nice as a CFO to be able to deliver numbers beforehand. We wanted to share them as soon as they were ready. That's why we moved it forward. We also had time to update the layout. Not that it's a core finance capability, but it's always nice that the numbers not just look good, but also that the framing of the numbers is good. Thanks to our marketing team for doing their best with close-up photos of Morten, etc. I wanted to show a few of the key numbers here from the financial section of the annual report. This is the profit and loss. As Morten has already stated, we grew our top-line revenue from DKK 40 million to DKK 62 million. Really nice revenue growth of 54%. Underlying the revenue is that this year we have a few one-offs that will not be part of our recurring base going forward. So approximately DKK 5 million of the DKK 62 million is not a SaaS or subscription-based revenue. Just taking that into consideration when you look at the ARR figures and revenue figures for next year. That is not traditional for our business, but it has been part of this change of our contracts from framework agreements to prepaid licenses and just getting a handle of the numbers a bit more. Still very, very nice revenue and well on the top end of our guidance. A good improvement there. If we go a little bit further down, you can see that our expenses, other external expenses and staff costs, they land in around DKK 92 million this year if you combine those two lines. That is compared to DKK 108 million last year. Not just have we grown the business, we have also reaped the reward of the harvest, harvested the reward of all the changes we have done in 2023 and 2024 to our cost base and have a much more lean organization and cost base for the years to come. When you add on the fact that we have actually capitalized less this year, it is actually even more. The line own work capital is our development cost and sales commission payouts that are shown here. If you net those two in, there is actually an even better improvement of additional DKK 5 million on EBITDA level. EBITDA ended at DKK 30 million, DKK 29.7 million compared to DKK 59.7 million last year. Just around half the loss as the year before. We have singled out special items, which is related to the large management restructuring we did in April 2024. The cost associated with this one-time special event has been isolated here. Still, after these special items, we have a very healthy improvement of our result. Depreciations, you will notice, are higher, and that's actually my cue to turning the page to the next one because up in the left-hand corner, you can see our balance sheet here. The balance sheet is more or less the same size as last year, DKK 84 million versus DKK 82 million. If you see in the top left corner where I've put in a nice purple box, you can see that our development projects that we've completed, a lot of the projects that were ongoing when we ended the year 2023. This year, we've spent a lot of time on finalizing them, getting them ready and started depreciating on them, leaving DKK 4 million ongoing or in progress development projects. That number is maybe a little bit lower or is lower than last year, as you can also see from the owned work capitalized line. This is due to the effect that we are further in our development of our platform, but also that we are more efficient, have a leaner structure and use the AI tools, etc., that are dominating the general information more. A much leaner and better process here. The last part of the circle or the square up in the left-hand corner is acquired intangible assets. This is the acquisition of Point Consulting that we did in November, where we bought the customer contracts from Point Consulting based in Singapore, a lot of airports and other really nice logos that came into our books. The investment in them is capitalized and depreciated over a five-year lifetime expectancy. That is kind of the assets. That is how our company is built up. On the right-hand side is how it is financed, where we have increased our debt to credit institutions with around DKK 9 million net over the year. We have taken new loans, repaid some. I have circled in the long-term part of these loans, but there is also a short-term part, four lines further down. All in all, we have debt of around DKK 33 million- DKK 34 million in the balance sheet, where it is EIFO, that is our main lender here. That leaves me or brings me to my favorite slide. Those of you who've seen this before will know I say this every time. This is the rolling graph. The graph shows the last four quarters of performance aggregated. When the lines, they increase, it's because we are growing. It's a fairly straight line on revenue growth since Morten joined in Q4 2022. After a few quarters of getting to know the business, Q2 2023 and onwards, the improvement has also ended up on the bottom line. A revenue of DKK 62 million and an EBITDA of DKK -29 million. I'm not going to say you can, when people ask me about guidance, I just suggest looking at these graphs. They might help a little bit on where we're going. That's my favorite slide, as I have mentioned. That's it. I also like it quite a lot. Yeah, I know. Any inflection point, Morten? Yeah. So that's actually the comments I had to the annual report. I just wanted to open up for question. I know that's Michael's role, but with this slide open with our guidance for the year and our performance for the last few years. Yeah, but then actually, let's jump into a guidance question. Are there any more M&A activities included in your 2025 guidance, like the Point Consulting? It might have an effect into next year, but do you also include some potential M&A into this guidance? Not at the moment. The effect of Point Consulting is, of course, factored in, but not new ones. No new ones. Perfect. Yeah. To be honest, because new ones, it requires that we can pay for new ones also with shares and with the current share price. That makes no sense. We have not planned with this at the moment. Yeah, let's touch a little bit upon the share price. I also get those questions. You're looking at, you know, some are mentioning you as a category leader. You are probably in one of the fastest growing markets, and you are trading below actually the Danish SaaS peers. Yeah, some people are also asking me, what about the price? How do you look at it? Also because you are looking to fund some growth in the future by potentially taking in some new capital. Yeah, I have to be careful that my eyes don't roll all the way in the back of the head when we talk about that. It's hard for me to see it make sense, Michael. It's like we are, in my opinion, with the numbers that we're presenting, with the progress that we're doing, the fact that we are a startup, the fact that we have global reach in a very high market, and we're delivering numbers like this, and our multiple is at a level that is very hard for me to comprehend in any shape and form, to be honest, right? People can make a bargain. We do know that there's very little turnover in our share price. You can buy 10 shares or 50 shares, and we see that in a day, and it fluctuates with 10%. We know that some of the lockup period on the acquisition we did in 2023 is out. We are very confident that some of those that were paid with share have been offloading those shares in the market because they're all the way over in the U.S. and it is listed in Denmark, right? That puts just abnormal downward pressure on the price. I think it's something that we in the management team and together with our board need to discuss. Is this the right ownership structure for this company in the future? This is probably a question we need to ask ourselves and bring an answer out on those questions during this year. Check. You touched a little bit upon it on your development cost. You have not activated this much, and you are still saying you need to develop your platform. Is that simply you being more efficient, or is it, as you said, that the projects you have actually finalized? A little bit of comments on the development here because, yeah, it is good from a cash flow perspective, but you can also look upon it. Do you invest enough into your platform? I think a little bit more elaboration. I think we're following the benchmarks on how much of our cost and team should be within engineering and development, especially. We're working a little bit differently, and maybe there are some methods underlying that is maybe we're being a little bit more conservative about what we are activating or capitalizing compared to earlier. We do have a large cost base that we do not activate, which could be development in some eyes. I don't think the reduction is as big as it looks in the numbers just like this. There is still a lot of development going on and a lot of value creating development as well. Yeah, the new strategy we have put in place, Christian and me and the rest of our colleagues in the management team, we are developing some pretty interesting things as well. That definitely goes into this category already now, right, for 2025. Looking beyond the financial figures, and I know that you can always move those numbers around, you have to feel that the development is putting out enough progress set aside from financial figures. That is what I'm hearing you say. I guess you can measure that in how fast you can incorporate new maps and so on. This underlying is developing as you hoped or expected it to do? Yeah, I think everything is exactly as we expected it to do. I said building this whole more efficient structure with processes and working very much on productivity, which is something that we're not going to stop. Like, what was it, six months ago, we said, okay, we probably saved a little bit too much on sales and marketing. We need to put money back into it. We look at that all over the place, right? Right now, there's actually quite a lot of opportunities for us that we seriously need to consider from a product capacity point of view, right? Some of the new stuff that is happening in our industry, should we actually speed up some of these developments because it could also accelerate our growth? We will always ask ourselves these questions. We'll always make sure that we do this. To us, it's really important that we remain a global leader in this space because the worst thing that could happen is that we get stuck in a position as a permanent number three, four, five, right? We want to be one of the top ones. We simply, from an equity value point of view, cannot afford under-investing in this company. That would not be a good idea, in my opinion. Perfect. There is a question here. Does the Q4 cost base reflect the lift in investment you will make over the cost increase further into 2025? Q4 cost base is a good, it's a clean level on staff. On other external expenses, there are some year-end adjustments to reservation for loss of receivables and stuff like that that makes it a bit higher than the base we go into. We do expect to increase our team during 2025. We do see a higher cost base on staff, but overall, we don't see any material increase in our cost levels in 2025. Perfect. And then a little bit on the development and looking to an NRR perspective or something like that. The growth you're expecting in NRR, is that coming from new customers or existing customers, the uplift part? So a little bit about the composition you're expecting for 2025. Yeah, that's a I would say. I'm not asking you to do detailed guidance. I know you are not allowed to do that. No. Anyway, after thinking, is it the momentum in the existing customer base and the churn going down? If I should read something into you that you have made a cleanup, that should help you in an NRR lift. Yes. Is it the pipeline you really see the opportunities in or both? It's both. Just to not get a number, but some feeling that what is driving your growth next year? It's both. It's both. I would say it would be great if we could achieve at least 25% of our growth based on our existing customer base. We see a path to that. Some of the new customers that we've onboarded since 2024 are actually doing really, really well. We see a lot of good initiatives. That means that they will continue to grow with us. We also see a pretty healthy pipeline. I would say nine months ago, I would say we probably had a little bit of a top-of-funnel problem, like are we getting enough leads in? That is no longer a problem for us. Right now, we're working on how do we make them actually go through this funnel much faster, right? Is the pipeline, is that the broad base? Or is it this what we all feel that people are being forced back to work, meaning we need a better workplace? Is this the smart building segment where you see the progress here, or is it other places also coming into the pipeline now? It's a lot of other things as well. I think the whole workplace and employee experience is going to continue to grow. A lot of the NRR growth that we will see is probably coming from these segments, but actually also a lot of the new logo growth will come from that segment. We do see a lot of things happening in other verticals and industries. We see a lot right now in the whole fan experience, like sporting events and stuff like that. We start seeing more in the healthcare sector. We see a lot of super interesting trends right now, to be honest. Airports and shopping malls will also develop fairly nicely for us in 2025. Perfect. Going a little bit up in the helicopter, how will AI affect your business short and long term? How do you include AI in your product offerings? Yeah, how do we include it? Yeah, I think it will help in many ways. I think, or I know it will help on the time and thereby the cost it takes to digitize a new building. It is going to make us more efficient in our organization. We've done a lot, and we're still doing quite a bit on that. We do expect some nice forward steps in capabilities in that direction. I think an interesting part for us is also how can AI and the way software is being developed in where all these ecosystems that you're building, because we are a platform that gets embedded into another application, another product, right? Can we get that integration driven instead of a traditional way of having a great software documentation and having great software development kits that you need to integrate to? Can a lot of that integration actually be transformed into AI? So that AI is actually telling you, Michael, as my new partner, how you need to integrate it into the platform. It will do it, right? It is a whole different way of instead of writing things down in documentation with code snippets and all that stuff, the AI engine is actually going to take over and they will be trained. I think that's a super interesting capability in that. The third thing that is very important to us is also how do we use AI tools to develop better software much faster and much more cost-efficient? Also there, we are making good progress in our engineering team, which is why we can kind of do a lot of stuff being less people. Clearly the fourth element, which is not related to the product, is also what are the roles and how do you become very efficient using AI in your whole demand creation, demand generation efforts as well? Because that is also disciplines that are undergoing huge changes on how it works through the utilization of AI capabilities. That was a little bit about how you use it. On the product offering side, is that too early to touch upon maybe the product hitting me or what you need to be able to? There will be a lot. There will be a lot coming. I know what you refer to because you saw some of the early versions of our strategy. There is a lot of interesting things coming here. We are very excited to basically share that during 2025. AI will dramatically change how we all use the inside of a building and our platform and how we play in that whole ecosystem is going to be really, really interesting and will drive a lot in the future. It actually already is. Yes, check. Then the last question, and I do not think you can comment on it, but I will ask it. You are talking about a capital raise of DKK 15-20 million. You already touched upon the owner structure or whether it is right. There is a question here whether it will be for existing shareholders or as a preferred issue or something. Any thoughts about this capital raise going to do? If you can say anything, I do not expect you to be able to say anything, but now I have asked the question. Yeah, I think we are trying not to do what's called a forehand time. We are looking for either an existing or new investor to basically do this. I think there's enough shares in there at a great price that people can buy if they want to. I think me and Christian Læsøe are expecting that to be completed by before the end of May. Perfect. I will not ask you any more about details there. Perfect. I think that was the last question. Thank you to you, Morten and Christian, for taking us through your results in depth of your 2024 results. And thank you for the people listening in. May everybody have a nice day.